Walt Disney has just put Miramax up for sale allegedly because its library of mostly small, independent films does not mesh with the media giant’s plan to overhaul its movie operations. Even though they no longer want the smaller company, they’re not willing to part with it for cheap! Disney is asking between $650 million to $800 million for Miramax. Only big shot contenders who haven’t been crushed by the recession stand a chance at purchasing Disney’s independent film division.
Big shot contenders such as Lions Gate Entertainment Corp and Weinstein Brothers are on top of the buyers list. The Weinstein Co. has a history with Miramax. Bob and Harvey Weinstein built Miramax 31 years ago and named it after their parents Miriam and Max. The Weinsteins sold Miramax to Disney in 1993, but stayed on as co-chief executives until five years ago, when they left to form The Weinstein Co. So it would be like a home coming if they were to purchase Miramax from Disney. David Glasser, operations executive for the independent Weinstein Co. said:
“We are keen to look at the company and we will see what happens in coming weeks.”
Independent studio Summit Entertainment, which is behind the popular Twilight franchise are also contenders in the buying of Miramax as is MGM.
Who will come out no top and gained ownership of Miramax and how much will it seel for? We’ll just have to wait and see.
What would you like to see happen to the studio?